Beverly-based Brookwood Financial Partners, LLC  has acquired the Bernardo Executive Center, a multi-tenant office property located in the Rancho Bernardo submarket of San Diego. Constructed in 1984, the property has 173,244 rentable square feet in three buildings and  is 78 percent leased.

 "The Rancho Bernardo submarket is recovering at a faster pace than the broader market," said Thomas W. Brown, director of acquisitions for Brookwood, in a statement. "The vacancy rate in this submarket has fallen to 11.2 percent in the second quarter of 2012 after reaching a peak of 28.5 percent in the third quarter of 2009."

Brookwood intends to enhance its leasing effort with over $1.4 million of capital improvements, including investments in common areas and the exterior building entrances, signage, building systems, windows and landscaping.

Rancho Bernardo is the second acquisition by Brookwood in the San Diego area in the last 10 months. In October 2011, Brookwood acquired Mission Valley Crossroads, a 139,727-square-foot office building located in the Mission Valley submarket of San Diego, California.

The seller of the Bernardo Executive Center was TA/Western, LLC, which was represented by Louay Alsadek of CB Richard Ellis. Brookwood has retained CB Richard Ellis as leasing agent.